HCM City continues to grow start-up eco-system

March, 11/2021 - 08:32
The HCM City People's Committee has approved a programme to support an innovative start-up eco-system over the next five years.

 

The Saigon Innovation Hub, launched in 2016, is a part of the city’s efforts to assist innovation and start-up initiatives. — VNS Photo Diệp Phan

HCM CITY — The HCM City People's Committee has approved a programme to support an innovative start-up eco-system over the next five years.

The programme seeks by 2025 to have 100 start-ups gaining access to venture capital and 1,000 getting support from authorities, developing a start-up eco-system that can compete with other countries in Southeast Asia and enhancing the competitiveness of businesses.

Twenty two projects under the scheme overseen by the city Department of Science and Technology will help develop infrastructure and support services, promote innovation in the public sector and improve the capacity of start-ups.

They will also promote international co-operation, support start-ups in developing their products and help small and medium-sized businesses improve productivity.

In 2016-20 the city worked with start-up incubators and universities to incubate and develop over 950 projects, of which 100 successfully solicited investment.

StartupBlink, a global start-up eco-system map and research centre, shows that HCM City last year entered the list of top 1,000 cities in terms of start-up eco-systems, zooming to 225th place. Việt Nam moved up 13 places to 59th out of 100 countries.

Its Global Innovation Index performance has also been steadily improving, rising from 59th out of 131 economies in 2016 to 42nd in 2019 and 2020. — VNS

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